Standard Chartered reported lower than expected profits for the third quarter as trading revenues fell and the bank took a near-$300mn charge largely due to its exposure to commercial property in China.
The UK-based lender said pre-tax profits were $1.3bn in the three months to September, falling short of analysts’ expectations of $1.4bn and slightly below the figure a year earlier.
“We have continued to make strong progress,” said chief executive Bill Winters, adding that the bank was “highly liquid, and well capitalised” and was “confident in the delivery of our 2023 financial targets”.
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